On the 2nd and 3rd, in two consecutive days, Han Lie completed the preliminary preparations for the Mingdu project with extremely high efficiency.

Tang Xintian made meritorious service.

Boy, she did 38 hours of work in 48 hours.

Coupled with Lu Shuli and his assistant, Han Lie's work pressure was greatly reduced.

The contracts with trusts, securities firms, and banks were all signed, and Lao Pan used his Pan Asset Management as the backing.

On the 4th, Han Lie came to Minggu Real Estate for the second time, signed the official project document, and immediately sent the relevant information to Lao Xing.

When I saw Lao Xing at the SAIC headquarters, the old man patted his chest and pledged his support——

"I have made all the preliminary preparations for ventilation and ventilation. Don't worry, Teacher Han. There will be a meeting in the afternoon, the contract will be signed next Monday, and the money will arrive in 5 to 8 working days!"

The most critical part of a similar project is the investor. If the money is not in place, everything else is bullshit.

Lao Xing's attitude was very good, and Han Lie naturally kept saying nice things when he was in front of him. He went straight to Lao Dou's office as soon as he left the house.

"How about it, is Lao Xing sure?"

"Do not worry!"

Lao Dou was cheerful and optimistic.

"It's a good thing. Who wouldn't be happy to make money? 2.5 billion is not much..."

Look at this loud voice!

But SAIC does have qualifications, no wonder they are both so confident.

Han Lie was actually worried about the other aspect. He couldn't talk directly to Lao Xing, but there was no taboo with Lao Dou.

"Making money is not necessarily a good thing for everyone, right? I'm afraid that someone will compete with Lao Xing for the position of chairman of the financial holding company and cause stumbling blocks in my project..."

Old Dou was startled and looked over with wide eyes: "Fuck! Who told you?"

Han Lie shrugged: "I guessed."

Old Dou was convinced.

"You monster... It is true that some people are not happy, but don't worry, Lao Xing can handle a mere 2.5 billion. I won't delay your business even if I watch the excitement."

"That's good."

Han Lie was relieved and had other thoughts: "Hey, how much money can Lao Xing spend on similar projects in the first half of this year?"

"I don't know the specific number, but 10 billion should be fine, right?"

Dou Mingde made a rough guess and said with a smile: "The group has been in good shape in the past two years. As of the end of last year, its debt was just over 200 billion, and its cash flow is abundant. If you still need money for projects, just ask Lao Xing."

Han Lie was secretly speechless.

Today's large state-owned enterprises are simply blood banks...

Although the debt figure is huge, it is actually nothing at all and is very healthy.

In the future mask era, SAIC will have more than 600 billion in debt and will have to issue corporate bonds. That will be the real difficult period.

Now, Ah Shang is more awesome than Han Lie imagined.

"Okay, I understand. Please help me keep an eye on it. I have to go back to work."

"go Go."

Dou Mingde walked Han Lie to the door and suddenly winked: "By the way, when the contract is officially signed next Monday, Lao Xing will arrange for us to go to celebrate. Do you have any ideas?"

Don't do this to me, you don't understand my decency at all!

Han Lie waved his hand disinterestedly: "Anywhere will do, it's best to keep it simple."

I just sent Zhazha away on the 2nd and I am accompanying Sister Ting on the 3rd. Today I have to appease Wang Tianqing who is about to die of thirst. I will probably not be free tomorrow. I have to find time to reply to messages from important people every day...

It's boring, it's really boring...

In his previous life, Han Lie never dared to dream that one day he would get tired of a goddess-level beauty.

Men, you should really focus on your career.

…

The 4th is also a Friday, the last trading day after New Year's Day.

Han Lie had a busy day, and when he came back, he simply glanced at the market.

The Shanghai Composite Index rose back 20 points, while the Shenzhen Composite Index fell slightly by 32 points. More than 30 individual stocks hit their daily limits, but only one-fifth of the stocks in the two cities closed with gains.

Typical fall relay.

Han Lie had seen the scene and had no intention of joining in the fun.

On Saturdays and Sundays, every company has a holiday, but the Mingdu project team still goes all out.

During this period, Brother Ham came to work - Xi Luting finally finished the outline of the new book and sent it to Ham for comments.

Brother Ham replied: "I'm taking an exam, please wait for two days."

On Monday, SAIC signed a project investment agreement with its subsidiaries. At this point, the Mingdu project is officially closed in theory.

The reason why it is theoretical is mainly because the asset evaluation and audit have not yet been completed.

According to existing information, the total net assets of Minggu Real Estate are about 5 billion, which cannot cover the risks of the Mingdu project.

Why can’t 5 billion assets cover 2.5 billion loans?

This is the difference between the theoretical value of an asset and its actual sale value.

Therefore, even if Nago mortgages all its existing assets, it is impossible to get a loan of 2.5 billion from any bank.

Even 1 billion cannot be obtained.

Because Nago's debt ratio has already exceeded the warning level.

The reason why the Mingdu project can be established is that it does not use existing assets as collateral, but uses "future properties" that have not yet been built as the main body, taking a new and clever approach.

The specific process is very strict.

SAIC transferred 2.5 billion to a special account opened at Shanghai Pudong Development Bank, and Minggu could only withdraw money in accordance with the contract, and the withdrawal must obtain the consent of the project leader.

Among them, 780 million will be used to repay previous bank loans, 985 million will be used to pay back the land payment, and part of the remaining 735 million will be used to pay for evaluation, accounting lawyers and other fees, leaving less than 700 million to start construction.

Construction funds are also withdrawn in batches, and money is paid according to progress.

With the supervision of the fund manager, it is impossible for Minggu to misappropriate special funds. This is the meaning of Pudong Development’s existence.

As a consideration, Minggu has mortgaged all the actual ownership and income control rights of the Mingdu property to the project sponsor, Han Lie's Zhongmei Company.

Upon payment of full principal and interest when due, Guyong will take back ownership of the property.

If the payment cannot be made when due, Lao Pan will spend money to buy the ownership of the project from Zhongmei as agreed, and then Han Lie will settle the cash for all parties, while Lao Pan takes the real estate and slowly handles it.

If Minggu Real Estate fails to complete the project as scheduled in accordance with the contract, the remaining construction funds will belong to Zhongmei, and the land and unfinished buildings will also belong to Zhongmei.

In the end, Lao Pan paid the bills in cash.

What’s so awesome about this whole project?

Han Lie didn't need to worry about whether Minggu had enough money or time. Anyway, he managed the money with one hand and the progress with the other.

Once the contract is signed, all the trouble will be yours, and I will only be responsible for giving guidance.

Supervision and supervision are two-pronged. It’s your fault if the job isn’t completed on time, it’s your fault if there’s quality issues, it’s your fault if it doesn’t sell...

The total construction area is 200,000 square meters, the salable area is 150,000 square meters, the final pre-assessed value is 4 billion, and the mortgage is 2.5 billion. It is really very dark.

What's even darker is that Han Lie took advantage of Gu Yong's eagerness to use money and added an additional guarantee agreement——

The parent company, Minggu, needs to provide 55% of its equity as additional guarantee.

In other words, if the Mingdu project is not done well, not only will the building itself be lost, but the major shareholder of Minggu will also be changed to Lao Pan...

Of course, the 55% equity actually has little value. The company's net assets include the paid portion of the Mingdu project land. The remaining bits and pieces are worth at most 3 billion, and 55% is about 1.6 billion.

.

Therefore, it is equivalent to a total guarantee of 4 billion + 1.6 billion = 5.6 billion, a mortgage loan of 2.5 billion, an annual interest rate of 17.5%, and a use period of 18 months.

The interest in the first year is 437.5 million.

The interest for the remaining 6 months is 218.7 million.

A total of 3.152 billion will be repaid upon maturity.

If the Mingdu project can sell about 100,000 square meters at the current housing price, it will be enough to pay off the principal and interest.

Gu Yong felt that this was a profitable job and he could do it.

But the truth is, it's difficult.

2015 is quite a magical year. The starting point of this project will be around January 10, 2014, and it will end on July 10, 2015, which is exactly the same time that the stock market crash ended.

How tragic was that time?

Not to mention anything else, the real estate industry continued to collapse until the end of 2015, until the country's foreign exchange reserves plummeted to 3.2 trillion, and capital outflows occurred significantly. As a last resort, the country could only reactivate the property market as a reservoir.

With the introduction of a large number of policies, discounts on down payments and interest rates, no purchase or loan restrictions, monetized shed renovations and other preferential policies, the real estate market re-entered an upward cycle in 2016.
To be continued...